Russia Will Ban the Purchase of Foreign Currency and Freeze the Prices of Goods5 out of 5 based on 5 ratings. 5 user reviews.

Russia Will Ban the Purchase of Foreign Currency and Freeze the Prices of Goods

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President’s adviser Sergei Glazyev has prepared a proposal on a set of measures aimed at effectively countering Western sanctions.

Sergey Glaziev

This article originally appeared at Novorosionline, translated by Olga Seletskaia exclusively for SouthFront

In the proposal, Glazyev suggests to ban the purchase of foreign currency for all entities that do not have a justified legal basis for transactions in foreign currency. He also thinks that “temporary tax on currency conversion” would be an effective measure. In addition, the report proposes to ban foreign currency loans for non-financial institutions and to oblige them to sell their currency earnings. To stabilize prices, the official offers to temporarily freeze the prices of goods including the ones of daily demand. In addition, he urges domestic companies to stop paying on loans to those countries that have joined the sanctions .